Taiga Motors Raises $50M In Government Funding For Shawinigan Electric Vehicle Facility

Electric off-road vehicle manufacturer Taiga Motors Corporation (TSX: TAIG) announced Monday that it has been granted a total of $50.0 million of government support for its planned mass-production assembly facility in the city of Shawinigan, Quebec.

Taiga Motors’ high-volume electric powersport production facility has an approximate investment cost of $125.17 million. The company will be benefitting from support from all levels of government: $10.0 million in federal funding, $30.0 million in Quebec provincial funding, and $10.0 million in municipal funding.

The vehicle manufacturer has relayed that the planned Shawinigan facility will employ “a vertically integrated and modular approach”. The facility will manufacture electric snowmobiles, watercrafts, battery packs, and powertrain systems in the city. The company expects it will have an annual capacity of 80,000 units and 3 gigawatt-hours in battery packs and module production.

The company, represented by Taiga Motors CEO Samuel Bruneau, made the announcement alongside Innovation, Science and Industry minister François-Philippe Champagne, Finance and Economy Innovation minister Eric Girard, Labor, Employment, and Social Solidarity minister Jean Boulet, and Shawinigan Mayor Michel Angers.

The Shawinigan facility is expected to be operational by the second half of 2022 and to create 370 local jobs and a local supply chain of industry components.

Taiga Motors last traded at $8.80 on the TSX.

Information for this briefing was found via Taiga. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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